OSAKA -- Daiwa Bank and two regional banks established Daiwa Bank Holdings Inc. on Wednesday to integrate their management and create the largest financial group in the Kansai region.
Daiwa Bank and Kinki Osaka Bank, both based in Osaka, and Nara Bank, based in Nara, launched the company, capitalized at 380 billion yen and employing 230 workers.
The company is based in Osaka and will engage in management planning and product development.
Daiwa Bank President Yasuhisa Katsuta has become president of Daiwa Bank Holdings.
Speaking at a ceremony, Katsuta said, "As an alliance of regional financial institutions, we will offer high-quality services through close contacts with local communities."
Asahi Bank, based in Tokyo, will join the company by the end of March, making it Japan's fifth-largest banking group with 50.4 trillion yen in combined assets.
"Today is significant in that we have started toward our objective of becoming a super-regional bank. With Asahi Bank's participation, we will strive to achieve the benefits of integration," Asahi President Yukio Yanase said at the ceremony.
Daiwa Bank's wholly owned trust banking subsidiary, established Monday, will also join Daiwa Bank Holdings.
